1.7 - Types of Economic Systems

Which economic system is based mainly on customs and tradition?

In a command economy, most major decisions are made by:

In a free market economy, prices are influenced mainly by:

A mixed economy includes:

The three big questions of an economy include ‘What to produce’ and:

Small-scale farming for family use is MOST associated with a:

Which system usually has the most government control over prices?

A territory has private supermarkets, but government provides public education and enforces food safety laws. This is a:

Which feature is MOST likely in a free market economy?

A reason a traditional economy may have slow growth is that it often:

In a command economy, a likely advantage is that government can:

Which statement BEST describes the ‘price mechanism’?

A vendor increases the price of coconut water during a hot festival day because demand rises. This behaviour fits best in a:

A government subsidy on local eggs is MOST likely a policy tool used in a:

Which set correctly matches system → decision-maker?

A government fixes the price of flour below the market price. Consumers want more flour than producers supply. What is MOST likely?

A country wants to reduce inequality while still encouraging private business growth. Which system is MOST suitable?

A planned economy sets a target of 10,000 school uniforms, but students prefer different styles and sizes. The BEST explanation for wasted stock is:

Which situation shows the strongest evidence of a traditional economic system?

In a free market system, a key drawback is that essential services may be under-provided because:

A government runs public transport, but allows private taxi operators and sets safety and fare rules. Which TWO features confirm it is a mixed economy?